Sensex closes 417 points higher, Jindal Steel biggest gainer

Mumbai - A benchmark index of Indian equities markets closed 417 points higher Thursday following a worldwide rally after the US Federal Reserve announced a new stimulus plan to revive growth in the world's largest economy.

The government's decision to hike the diesel price and limit the distribution of subsidised cooking gas also helped stocks move up. Realty, banking and metal stocks were the best performers.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,284.75 points, closed 18,437.90 points (provisional), 416.74 points or 2.31 percent up from its previous day's close at 18,021.16 points.

The Sensex touched a high of 18,498.54 and a low of 18,284.75 points in intra-day trade. The BSE midcap index was up 50.79 points while the smallcap index was 28.45 points high.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange closed 2.43 percent up at 5,567.40 points.

On the sectoral front, the BSE realty index was up 74.05 points while banking was up 475.24 points and metal index was up 390.21 points.

Jindal Steel was the biggest Sensex gainer and closed 7.72 percent higher at Rs.368.45.

Other major gainers were Hindalco Inds, up 7.32 percent at Rs.117.35; SBI, up 5.49 percent at Rs.1,969.90; RIL, up 4.99 percent at Rs.838.05; and Larsen and Toubro, up 4.93 percent at Rs.1,487.70.

There were only seven Sensex losers which included NTPC, down 2.05 percent at Rs.167.35; Dr Reddys Lab, down 1.81 percent at Rs.1,742; ITC, down 0.82 percent at Rs.267.50 and ONGC, down 0.76 percent at Rs.280.90.